UPA FTAs hurt India; now we are dealing with developed nations: Piyush Goyal

Union Commerce Minister Piyush Goyal on Saturday hailed the India–UK Free Trade Agreement (FTA) as the most comprehensive and beneficial trade pact ever signed by India. He asserted that the agreement signals India’s arrival in the league of developed nations.

Recalling the Congress-led UPA-era FTAs, when India primarily engaged with ASEAN nations, often opening its domestic markets at the cost of national interests, Goyal said, “Business leaders often complained about UPA-time FTAs hurting India. We would only deal with countries like in the ASEAN which are our competitors. This hurt national interests. Today we are dealing with developed nations which complement our interests.”

He said the FTA with UK will again open India to trade in developed nations.

“UPA was opening Indian markets for nations which were competing with us and hurt our manufacturing. We have finalised deals with Mauritius, Australia, four EFTA nations, UAE and now UK,” he said, adding that India is talking to other developed nations also.

“Now we are expanding where we do not compete with each other but complement each other. The deal with UK will help make a developed India,” he said.

Goyal, when asked about the most sticking point of the deal, said “The toughness of the deal with UK can be gauged by the fact that it has been over two decades in the making. The trust Prime Minister Narendra Modi generates worldwide has helped us seal this deal.”